Marathon Petroleum Corporation stock research
FY2025 Q4
Marathon Petroleum (MPC) Gross Margin — Quarter Ended Dec 31, 2025
Revenue decreased from the prior quarter while gross profit increased slightly, resulting in an improved gross margin. Compared to the same quarter last year, revenue was slightly lower but gross profit was substantially higher, leading to a significantly stronger gross margin.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue decreased from the prior quarter while gross profit increased slightly, resulting in an improved gross margin. Compared to the same quarter last year, revenue was slightly lower but gross profit was substantially higher, leading to a significantly stronger gross margin.
- The gross margin improved sequentially and year-over-year, driven by a lower cost of revenue relative to revenue in both comparisons.
- Compared to the prior quarter, revenue was lower but gross profit was higher, and gross margin improved. Compared to the same quarter last year, revenue was slightly lower while gross profit was substantially higher, and gross margin strengthened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
11.4%
Gross profit
$3.7B
Revenue
$32.6B
Cost of revenue
$28.9B
Quarter-over-quarter change
+1.0 pts
Year-over-year change
+3.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $31.5B | $2.2B | $29.4B | 6.8% |
| Jun 30, 2025 | $33.8B | $3.8B | $30.0B | 11.2% |
| Sep 30, 2025 | $34.8B | $3.6B | $31.2B | 10.4% |
| Dec 31, 2025 | $32.6B | $3.7B | $28.9B | 11.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+1.0 pts
Year-over-year change
Dec 31, 2024
+3.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved sequentially and year-over-year, driven by a lower cost of revenue relative to revenue in both comparisons.
Compared to the prior quarter, revenue was lower but gross profit was higher, and gross margin improved. Compared to the same quarter last year, revenue was slightly lower while gross profit was substantially higher, and gross margin strengthened.
Monitor the trajectory of cost of revenue relative to revenue, as it was the primary factor behind the margin improvement.